Manchester, 28 September 2026.- Virtualware (EPA: ALVIR), a European pioneer in 3D-driven industrial software listed on Euronext Growth Paris, has completed the acquisition of 100% of Virtalis Holding, the Manchester-based virtual reality and RT3D visualization software company.
The acquisition more than doubles the company's scale, with pro forma revenue increasing from €4.32 million to €10 million based on projected 2026 results.
The combined group creates one of the largest European providers of immersive visualization and digital twin technology for industry, nuclear, critical infrastructure and defence.
"This acquisition marks a significant milestone for Virtualware, not only because of its scale, but also because it strengthens our product portfolio and expands our industrial customer base," said Unai Extremo, CEO and founder of Virtualware.
Virtalis, founded in 2003 and headquartered in Manchester, specializes in virtual reality and RT3D visualization software. Its technology is used by BAE Systems, Blue Origin, Lam Research, Seaspan, Subsea 7, Vestas, Thales, Lockheed Martin and Ford.
The acquisition further strengthens Virtualware's international footprint, rising its revenue generated outside Spain from 54% to 78%. The United Kingdom becomes the largest market, accounting for 37.7% of the proforma combined group's aggregate revenue.
The acquisition follows Virtualware's track record of inorganic growth. In October 2024 it acquired Swedish company Simumatik, a specialist in emulation and digital twin technology.
Shareholders approved the transaction at the Extraordinary General Meeting held in Basauri on 21 September 2026. The acquisition combines a fixed payment of 5 million euros on completion plus a variable component linked to Virtalis's operating results in 2026 and 2027, funded through commercial debt.
LKS Corporate Finance served as Lead Financial Advisor to Virtualware on its acquisition of Virtalis, providing comprehensive financial advisory services, including valuation, transaction structuring, negotiations and deal execution and Geldars LLP as the legal advisor.
"We are proud to have supported Virtualware in the execution of a highly strategic acquisition that strengthens its international footprint and reinforces its leadership in industrial software." Mariano Colmenar, Head of LKS Corporate Finance.
The acquisition was structured through a financial syndicate backed by Banco Bilbao Vizcaya Argentaria (BBVA), the Instituto Vasco de Finanzas (IVF, the Basque Government's public financial entity), Cofides, and Elkargi.
---
Founded in 2004, Virtualware is one of the leading companies in enterprise software based on immersive and real-time 3D technologies for industrial and educational environments.
Virtualware is headquartered in Bilbao, Spain, with subsidiaries in the United Kingdom, Canada, the United States, and Sweden.
www.virtualwareco.com
Press and investors contacts
Aida Otaola: aotaola@virtualwareco.com
Investor Relations: ir@virtualwareco.com
Safe Harbor
This document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. No one who becomes aware of the information contained in this report should regard it as definitive, because it is subject to changes and modifications.
This document contains or may contain forward looking statements regarding intentions, expectations or projections of Virtualware 2007, S.A. ("Virtualware" or the "Company") or of its management on the date thereof, that refer to or incorporate various assumptions and projections, including projections about the future earnings of the business. The statements contained herein are based on our current projections, but the actual results may be substantially modified in the future by various risks and other factors that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could cause or result in actual events differing from the information and intentions stated, projected or forecast in this document or in other past or future documents. Virtualware does not undertake to publicly revise the contents of this or any other document, either if the events are not as described herein, or if such events lead to changes in the information contained in this document. This disclaimer needs to be taken into account by those persons which may take a decision over the base of this document or to elaborate or disseminate opinions based hereof. This document may contain summarised information or information that has not been audited. This document is confidential and it cannot be revealed or disclosed to third parties different from the original recipients, even partially, without Virtualware's prior consent.
